Nikko Asset Management Americas Inc. Reduces Stock Holdings in Newmont Co. (NYSE:NEM)

Nikko Asset Management Americas Inc. lowered its position in Newmont Co. (NYSE:NEM) by 13.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 70,792 shares of the basic materials company’s stock after selling 10,824 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Newmont were worth $2,635,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Studio Investment Management LLC grew its holdings in shares of Newmont by 29.4% in the third quarter. Studio Investment Management LLC now owns 1,149 shares of the basic materials company’s stock valued at $61,000 after purchasing an additional 261 shares during the period. Confluence Investment Management LLC grew its holdings in shares of Newmont by 2.4% in the fourth quarter. Confluence Investment Management LLC now owns 11,788 shares of the basic materials company’s stock valued at $439,000 after purchasing an additional 281 shares during the period. Howard Capital Management Inc. grew its holdings in shares of Newmont by 5.4% in the fourth quarter. Howard Capital Management Inc. now owns 5,653 shares of the basic materials company’s stock valued at $210,000 after purchasing an additional 292 shares during the period. Intact Investment Management Inc. grew its holdings in shares of Newmont by 21.4% in the fourth quarter. Intact Investment Management Inc. now owns 1,700 shares of the basic materials company’s stock valued at $63,000 after purchasing an additional 300 shares during the period. Finally, Fiduciary Financial Group LLC boosted its stake in Newmont by 3.6% during the fourth quarter. Fiduciary Financial Group LLC now owns 8,654 shares of the basic materials company’s stock worth $338,000 after buying an additional 303 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 2.9 %

Shares of NYSE:NEM opened at $47.57 on Tuesday. The firm’s 50 day moving average price is $43.39 and its 200 day moving average price is $45.68. The stock has a market cap of $53.60 billion, a price-to-earnings ratio of 16.23, a price-to-earnings-growth ratio of 0.41 and a beta of 0.54. Newmont Co. has a fifty-two week low of $33.29 and a fifty-two week high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.29. The firm had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. As a group, equities research analysts predict that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Tuesday, March 4th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.10%. Newmont’s dividend payout ratio (DPR) is 34.13%.

Insider Activity at Newmont

In other Newmont news, COO Natascha Viljoen sold 9,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $360,000.00. Following the sale, the chief operating officer now owns 145,967 shares of the company’s stock, valued at approximately $5,838,680. This trade represents a 5.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $83,080.00. Following the sale, the director now directly owns 52,070 shares in the company, valued at approximately $2,082,800. The trade was a 3.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,231 shares of company stock valued at $1,388,758 over the last 90 days. 0.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Scotiabank lowered their target price on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 21st. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. StockNews.com raised shares of Newmont from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. CLSA assumed coverage on shares of Newmont in a research note on Friday, November 29th. They set an “underperform” rating for the company. Finally, Royal Bank of Canada increased their target price on shares of Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $53.16.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.